* Personal income and consumption data on tap
* Greece to issue 7-year bonds
* China's Zhejiang Geely Holdings to buy Ford's Volvo
* Futures up: S&P 4.7 pts, Dow 52 pts, Nasdaq 7.75 pts
* For up-to-the-minute market news, click []
(Adds quote, byline)
By Angela Moon
NEW YORK, March 29 (Reuters) - U.S. stock index futures
gained on Monday as Greece prepared to test demand for the
battered country's debt and investors shifted focus to key jobs
data later this week.
Greece approved five banks for a new benchmark seven-year
bond, its first test of the market after a deal was reached
last week with the euro zone leaders and the International
monetary Fund to give the Athens a financial safety net. Greece
has about 23 billion euros of bonds maturing between now and
the end of May. For details, see []
A week of heavy economic data starts off with the U.S.
Commerce Department's readings on personal income and consumer
spending for February at 8:30 a.m. EDT (1230 GMT).
Key labor market data is due Friday, with the economy
having created about 190,000 jobs in March, but investors will
have to be brave enough to bet ahead of the data release since
the U.S. stock market will be closed for the Good Friday
holiday. Private sector jobs data on Wednesday and jobless
claims on Thursday may offer clues.
"We are seeing early strength in the market this morning,
partly as Greece is quickly taking advantage of their new found
IMF and euro zone support system, by coming to market with a
7-year note," said Peter Boockvar, equity strategist at Miller
Tabak & Co in New York.
"Also with the market near 18-month highs, investors are
optimistic that the economic recovery will continue and the
data later this week confirm that," he added.
S&P 500 futures <SPc1> rose 4.7 points and were above fair
value, a formula that evaluates pricing by taking into account
interest rates, dividends and time to expiration on the
contract. Dow Jones industrial average futures <DJc1> gained 52
points, and Nasdaq 100 futures <NDc1> added 7.75 points.
In company news, Zhejiang Geely Holding Group, China's
largest privately run carmaker, agreed Sunday to buy Ford Motor
Co's <F.N> Volvo unit for $1.8 billion, the country's biggest
overseas auto purchase. []
The Federal Deposit Insurance Corp is not yet on board with
Washington Mutual Inc's <WAMUQ.PK> bankruptcy reorganization
plan, including a massive tax refund to JPMorgan Chase & Co
<JPM.N>, according to the company and a Wall Street Journal
report.
General Growth Properties Inc <GGP.N> is getting closer to
filing a bankruptcy exit plan, with its board planning to meet
Monday to approve the proposal, sources said.
Oil prices rose toward $81 a barrel on Monday, recouping
some losses in the previous session, supported by a weaker
dollar and positive data, including a rise in Euro zone
sentiment in March.
Hynix Semiconductor Inc <000660.KS>, the world's No. 2
memory chipmaker, said Monday that global memory chip supply
remained very tight and stronger-than-expected market
conditions would continue into the second quarter.
[]
European markets mostly rose after a survey showed economic
sentiment in the 16 countries that use the euro rose and
investors grew more upbeat about Greece's ability to handle its
debt problems.
The Dow and S&P ended flat Friday, giving back earlier
gains, after the sinking of a South Korean naval ship, while
technology sector weakness kept the Nasdaq in slightly negative
territory.
(Reporting by Angela Moon; editing by Jeffrey Benkoe)
